Solutions

Energy Industry Governance and Compliance

Energy

Energy companies face one of the most intensely regulated business environments that exist today. Regulators at the local, state, federal and international levels are continually adding and updating requirements. Penalties for companies who are not in compliance are severe. Compounding the matter is the dynamic nature of the energy business itself. There are broad swings in the normal business cycles, many mergers and acquisitions, and other factors that, when taken together, create a tough corporate governance environment.

Although governance touches every area of the company's organization, each area typically developed its own unique point solution, with its own set of requirements, that may be redundant or conflict with compliance activities in other areas. These "silos" have separate processes, people and information and are often too rigid to adapt to changes in the business.

Consider the stream of energy regulations from the Federal Energy Regulatory Commission (FERC), the North American Electric Reliability Council (NERC) or those from all the State Utilities Commissions.

Health, safety and environmental regulations emanate from OSHA, EPA, vendor management and Pipeline Safety. Add to this the compliance measures which pertain to company operations – contract management for the large number of outsourced specialists, leasing and land management, joint ventures and joint interest billing, pre-spud planning and risk management.

Polivec's Enterprise Governance Solution -- integrates and controls all aspects of governance. The cornerstone of the solution is the unique Policy Center – it allows officers to create and store policies that fulfill regulations. All required procedures and tasks, needed to fulfill those policies, across all corporate organizations, people, processes and systems, are housed in one place. The Center determines who has access to the information, and who has reviewed and approved the policies.

Other parts of the Polivec Solution, inform appropriate employees, collect real-time data from all compliance activities, organize both automated and manual tasks, link the practices back to their specific policies and regulations, ensure that policies meet regulatory requirements, monitor the enforcement of all of the policies, highlight gaps in compliance, and signal management when any lapses occur so that they can be addressed immediately.

The Polivec Solution integrates all the compliance data from end-to-end in one seamless software platform. The Solution incorporates state-of-the-art programming language, development techniques, and utilizes industry standard relational databases. Investments in current point solutions are also protected. If a firm has existing compliance software, this can be immediately integrated into the Polivec Solution. The Solution is designed to accommodate implementations, in specific functional areas along with specific regulations, and then grow to encompass all functional areas, over time, as new regulations and policies are phased in.

The Solution gives you an integrated, enterprise view of all governance activities and allows you to manage risk, reduce cost, minimize complexity and protect your current investments in compliance.